Austin Bitcoin - BitPay Taghttp://austinbitcoin.com/Blog/Latest
Wed, 21 Feb 2018 22:51:16 -0800MYOBen-usSacramento Kings Become First Professional Sports Team to Accept Virtual Currency Bitcoinhttp://austinbitcoin.com/Blog/sacramento-kings-become-first-professional-sports-team-to-accept-virtual-currency-bitcoin
http://austinbitcoin.com/Blog/sacramento-kings-become-first-professional-sports-team-to-accept-virtual-currency-bitcoinSACRAMENTO, CA – January 16, 2014 – Today, theSacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin, a popular online currency. The bitcoin purchases will be processed through BitPay – the world’s largest payment processor for virtual currencies.

Since purchasing the Kings earlier this year, majority team owner Vivek Ranadivé has directed a business philosophy coined "NBA 3.0," which focuses on investments in technology, globalization and deep community partnerships. The BitPay relationship marks another manifestation of the 3.0 philosophy in Sacramento.

Tapping into a new and innovative digital currency community in which bitcoins can be earned and saved by users across the globe, the Kings have begun to accept bitcoins in the Kings Team Store through a simple checkout process, and will offer fans the ability to pay online for team merchandise and tickets by March 1. With this technology provided by BitPay, Kings fans will be able to purchase Kings merchandise and experiences in a faster and more secure way using bitcoin.

“We are maniacally focused on creating the most seamless experience for our fans in all facets,” said Ranadivé. “With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process.”

BitPay’s Bitcoin Payment Gateway API is the most advanced and most reliable bitcoin-processing platform, both key reasons the Kings chose to partner with BitPay.

“We make it easy for businesses like the Sacramento Kings to accept bitcoin as a form of payment both in-person and online,” said Tony Gallippi, co-founder and CEO of BitPay. “As the first professional sports team to accept bitcoin, the Sacramento Kings continue to show that they are at the intersection of sports and technology.”

ATLANTA -- December 11, 2013 --BitPay Inc, the world leader in business solutions for virtual currencies, announces it has processed over $100 million in transactions this year, and has increased its merchant base to over 15,500 approved merchants in 200 countries. Since the announcement of the new All Inclusive Pricing Plan in October, along with the integration with Shopify in November, the number of new merchants has increased over 50% and the transaction volume has tripled.

"This year, the 2013 holiday season was Adafruit's biggest ever. We are delighted to offer bitcoin payments via BitPay to our community and customers. It was fast and easy, hundreds of orders and happy customers getting educational electronics, using bitcoin!" shared Limor Fried, Founder and Engineer with Adafruit.

Bitcoin has "clear potential for growth and could become a major means of payment for online transactions” a Bank of America analyst told CNBC. As the number of Bitcoin users continues to increase, merchants such as Adafruit, BTCTrip, Alliance Virtual Offices, and Clearly Canadian, see the value of working with BitPay to help expand their business.

"BitPay is the gateway payment for business that want to accept bitcoin. It's the main player to develop the merchant economy for bitcoin community,” said Martin Fernandez, CEO BTCTrip.

BitPay has made the process of becoming a merchant simple, hassle free and accessible everywhere. Merchants choose the way they want to accept Bitcoin; either via mobile device in-store, NFC into a POS terminal, online through any of BitPay’s shopping cart partners, or through direct API. Merchants can also choose how they want their funds settled from one of the 40 local currencies BitPay offers including Bitcoin.

Many of BitPay’s new merchants are “trying to stay ahead of the curve, while expanding our customer base,” says Anthony Gallippi, Owner of Smoke Bourbon BBQ House in Toronto, Canada.

The recently launched global directory features many of the world’s greatest bitcoin-accepting merchants. The directory gives bitcoin users access to thousands of businesses and charities that now accept bitcoin. By continuing to add new merchants daily, BitPay continues it mission to expand Bitcoin in the e-payments world.

ATLANTA -- December 2, 2013 -- BitPay, the world’s leading merchant processor for virtual currencies, announces that in November it processed a record 55,288 bitcoin merchant transactions, representing a 165% increase from October. Strong activity from KNC Miner, Gyft, and Amagi Metals led the increase.

During the Bitcoin Black Friday event on November 29, BitPay processed 6,296 bitcoin transactions in a single day, making it the most popular day in the history of bitcoin commerce. On November 29, more than 6% of all transactions on the bitcoin network were spent on goods and services through BitPay’s platform.

“BitPay’s order volume is the most accurate indicator of the real bitcoin economy, and today that economy is soaring higher as merchants are seeing tremendous value in accepting bitcoin payments,” states Tony Gallippi, BitPay Co-founder and CEO. “We are building the most powerful, reliable, and scalable tools for businesses to accept bitcoin.”

Last year, the Bitcoin Friday event was BitPay’s largest volume day in 2012 and the company processed 99 transactions. The year-over-year growth of BitPay on Black Friday is 6,260%.

BitPay continues to enroll new merchants at a rapid pace, onboarding over 3,000 merchants in November to exceed a total of 14,000 bitcoin-accepting merchants. Shopify’s integration of BitPay into its checkout process now makes BitPay available to 75,000 merchants using the Shopify ecommerce platform.

Enrollment in BitPay’s all-inclusive processing plans is also accelerating. By selecting one of the all-inclusive plans, BitPay merchants can choose the software features they need, and process an unlimited number of transactions with zero transaction fees.

“No merchant service provider riding on the traditional interchange rails can offer all-inclusive pricing because there are three or four middlemen who take a cut of every transaction,” says Gallippi. “Some processors tease merchants with flat-rate pricing, but there are many hidden fees and limitations that make flat-rate offers an illusion.”

Square, which offers a flat-rate credit card processing plan for $275/month, recently announced they would be discontinuing this plan on February 1, 2014, and would charge merchants a 2.75% or 3.5% processing fee on every transaction.

Read more]]>admin@ausitnbitcoin.com (Austin Bitcoin)BusinessMon, 02 Dec 2013 10:54:00 -0800BitPay Launches Bitcoin Merchant Directoryhttp://austinbitcoin.com/Blog/bitpay-launches-bitcoin-merchant-directory
http://austinbitcoin.com/Blog/bitpay-launches-bitcoin-merchant-directoryBitPay, in keeping with its mission to build a better e-payments world, has launched a new global bitcoin directory which features many of the world’s greatest bitcoin-accepting merchants. Shoppers looking for everyday goods and services or unique gifts will find a wide variety of places to spend their bitcoins in the bitcoin directory.

“We are often asked where to spend bitcoins and this global directory allows bitcoin merchants around the world to get discovered,” says Tony Gallippi, BitPay Co-founder and CEO. “With this service we will be linking over 5 million bitcoin users with merchants and we will continue adding more merchants.”

The directory gives bitcoin users access to thousands of businesses and charities that now accept bitcoin. Some of the most popular categories include Web and IT Services, Electronics and Precious Metals. BitPay has also included a Travel and Tourism section for bitcoiners looking to plan their next vacation and a search feature that shows them where to spend bitcoins with local merchants.Read more]]>admin@ausitnbitcoin.com (Austin Bitcoin)BusinessMon, 25 Nov 2013 10:48:00 -0800BitPay Processes $1 Million Bitcoin Merchant Transactionhttp://austinbitcoin.com/Blog/bitpay-processes-1-million-bitcoin-merchant-transaction
http://austinbitcoin.com/Blog/bitpay-processes-1-million-bitcoin-merchant-transaction

The Bitcoin economy has now surpassed 2 billion USD and transactions sizes between USD and BTC continue to rise. Just this morning, lead Bitcoin payment processing company, BitPay, announced the processing of the largest Bitcoin merchant transaction ever of 1 million USD. BitPay not only set a record, but also processed, cleared and settled this transaction next business day for Butterfly Labs. BitPay, unlike PayPal, the lead USD payment processing company, guarantees no reversibility or chargeback of payment.

BitPay issued the following press release:

BitPay Processes $1 Million Bitcoin Merchant Transaction

Processes, Clears, and Settles to Merchant’s Bank the Next Business Day

ATLANTA — October 29, 2013 — BitPay, the world’s largest payment processor for virtual currencies, announces that it has processed its largest bitcoin merchant transaction ever, a single order for $1,000,000 for Kansas City-based bitcoin mining hardware manufacturer Butterfly Labs. BitPay processed, cleared, and settled the transaction within their normal one business day time frame directly to Butterfly Labs’ bank account.

“The speed, reliability, and certainty of payments over the bitcoin network is expanding at a rapid pace, and in many regards has already surpassed the functionality of our 60-year old credit card networks,” states Tony Gallippi, co-founder and CEO of BitPay. “Butterfly Labs can now ship this merchandise with confidence that there will be no reversibility or chargeback of the payment, which is a significant risk found when accepting credit cards online or PayPal.”

Butterfly Labs sells bitcoin mining hardware, which is part of the distributed computing network that secures the bitcoin accounting ledger. The amount of computing power of the bitcoin network has grown exponentially this year, from 20 Terahashes per second (Th/s) on January 1, 2013, to 3000 Terahashes per second today. The network took 4.5 years to reach 1000 Th/s, then one month to reach 2000 Th/s, then and week to reach 3000 Th/s.

BitPay has also expanded the translations of its checkout process into 40 languages, with new additions including French, Chinese, and Portuguese. Customers making a bitcoin purchase with BitPay can now view and complete the entire checkout process in their native language. Business selling electronics, jewelry, and computers can now increase their exports to emerging markets as these items tend to be the most often purchased internationally.

For businesses reaching international customers, accepting bitcoin through BitPay offers a tremendous value. The business can accept a payment from customers in any country on earth, with no risk of fraud or chargebacks, which makes it ideal for businesses selling high-priced items online.

CEO Tony Gallippi will be speaking on Bitcoin’s Place in the Global Financial Market at Webit Congress November 6th in Istanbul, Turkey.

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.

ATLANTA -- September 16, 2013 -- BitPay Inc, the world leader in business solutions for virtual currencies, announces it has over 10,000 approved merchants in 164 countries using its service to accept bitcoin payments. This milestone was reached almost exactly one year after the company approved its 1,000th merchant.

The merchants in BitPay’s directory are diverse internationally, with approximately 50% located in North America, 25% in Europe, and 25% in the rest of the world. eCommerce merchants account for over 90% of the business, including consumer electronics, precious metals and IT services. Bitcoin lowers the risk and cost of accepting payments in a card not-present situation, such as eCommerce.

BitPay’s merchant service continues to expand its feature set at a rapid pace. Merchants using the popular Quickbooks small business accounting software can now download and import their BitPay sales into Quickbooks.

“Our merchants are thrilled with this ability to import into Quickbooks,” says BitPay CFO Bryan Krohn. “It makes reporting their bitcoin sales just as frictionless as the payment itself.”

The month of August was another record month for BitPay, processing over 10,000 merchant transactions worth over $6.4 million. Year-to-date in 2013, over $34 million worth of Bitcoins have been spent on goods and services through merchants using BitPay’s platform.

BitPay’s story is unique in the start-up space. Founded by two graduates of Georgia Tech, the company built a working product, acquired customers, and achieved profitability with only the two founders.

After raising their round of seed capital, BitPay has chosen to establish their roots in Atlanta and build their company culture in a city known for innovation, but often overlooked by the Silicon Valley insiders.

“Atlanta is a hub for financial technology, especially in the payment and merchant acquiring space,” states BitPay CEO Anthony Gallippi. “There’s a cluster of amazing companies here, focused on delivering real results through innovation.”

With pre-built plugins or embedded solutions for 20 of the most popular shopping cart platforms, adding bitcoin as a payment option to a merchant’s web store can be done in a few minutes, without any programming code.

About BitPay BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.

In Quickbooks, you do not need multi-currency enabled if your home currency is USD, EUR, or CAD, and you are taking 100% settlement from BitPay in that same home currency.

First, create 3 new Accounts in your Chart of Accounts. Income and Expense accounts can only be denominated in your home currency. (if your home currency is not USD, replace USD below with your home currency)

Type

Income

Account Name

BitPay Sales USD

Tax-line Mapping

Income: Gross Receipts or Sales

Type

Expense

Account Name

BitPay Fees USD

Tax-line Mapping

COGS: Other Costs

Type

Bank

Account Name

BitPay AR USD

Tax-line Mapping

B/S Assets: Accts Rec

Your Bank Account should already be in Quickbooks. BitPay’s ACH/EFT transfer will be transferred to “My Bank” which you can change in the General Ledger transaction after import. Your Quickbooks Chart of Accounts should have these entries:

If this imports and My Bank USD shows a balance of $100.00 then the file has imported correctly. Look at the G/L to verify the Sales Receipts.

Edit the transfer and replace “My Bank USD” with the Bank account in your chart of accounts that received the direct deposit from BitPay.

Your BitPay sales are now fully integrated with your financial reports in Quickbooks!

Note that if you keep any % of your sales in Bitcoin, this will not be noted in the download. It will prorate the gross sale to only the % of the gross sale which you settle in your local currency. Read the next section “Keeping Partial or All Settlement in Bitcoin” to learn more.

Income Statement derived from BitPay import

Balance Sheet derived from BitPay import

To download your BitPay transactions, login to your merchant account at https://bitpay.com. From your dashboard, click on Account Ledger and select your home currency to download.

You will need to specify the date range to download, and then choose Quickbooks IIF file.

We should note that Quickbooks does not support multi-currency very well, even in the 2013 edition. Nonetheless, we have used the capabilities of Quickbooks to their current maximum potential.

If you take 100% settlement from BitPay in your home currency, you are done!

If you keep a % of your BitPay Sales in Bitcoin, follow the next section to import those from your BitPay BTC ledger.

Keeping Partial or All Settlement in Bitcoin

The Gross, Net, and Fees are % prorated from the total amount of the sale. Meaning if you keep 10% bitcoin and settle 90% in EUR, your EUR ledger will have an entry representing 90% of the total gross sale, and your BTC ledger will have an entry representing 10% of the total gross sale, with the same Order Number so you can match them up in Quickbooks.

Create 2 more accounts in your Quickbooks Chart of Accounts:

Type

Bank

Account Name

BitPay AR BTCUSD

Tax-line Mapping

B/S Assets: Accts Rec

Type

Bank

Account Name

My Wallet BTCUSD

Tax-line Mapping

B/S Assets: Cash

These accounts represent the USD value of your Bitcoins, at BitPay and also when pushed to your Bitcoin Wallet.

How to Reconcile your Company’s Bitcoin holdings in Quickbooks

While Intuit’s support for multi-currency doesn’t give all the income/expense reporting needed for bitcoin transactions, it is possible to add your Bitcoin Wallet into Quickbooks, and mark your digital assets to market price every day or every month.

As of the 2013 edition, Quickbooks cannot:

have an income account in any currency other than your home currency

have an expense account in any currency other than your home currency

allow you to set your home currency to a currency you add (e.g. Bitcoin)

resolve any currency balance to more than 2 decimal place precision

allow you to specify an exchange rate for each sale

allow you to specify a data source for exchange rates for a currency

allow you to upload a history of exchange rates for a currency

allow an exchange rate with a date & time (only 1 rate per calendar day permitted)

We encourage Quickbooks users to contact Intuit directly and encourage development in the above 8 areas to improve their multicurrency support.

You cannot enter Income or Expenses in BTC, mBTC. But you can setup a Bank account in bitcoin to declare and value your bitcoin holdings. You will first need to enable multicurrency support in your Quickbooks. Then, you can add a new currency:

Company - Manage Currency - Currency (New)

Name

millibitcoin (mBTC)

Symbol

mBTC

Next, create a new account in your chart of accounts for each bitcoin wallet you want to account for in Quickbooks.

Type

Bank

Account Name

My Wallet mBTC

Currency

millibitcoin (mBTC)

Tax-line Mapping

B/S Assets: Cash

Because Quickbooks precision cannot go past 2 decimal places for the quantity, if you want to account for your bitcoin holdings you will need to use millibitcoins (mBTC). The exchange rate for mBTC is the rate for BTC divided by 1,000. Quickbooks does have 8 decimal precision when calculating the rate, but only 2 decimal precision on the quantity.

USD for 1 bitcoin (BTC)

$ 123.4567

USD for 1 millilbitcoin (mBTC)

$0.1234567

To transfer the balance from the USD representation of your bitcoin wallet to the mBTC account for your bitcoin wallet:

Every day, you will manually need to enter the exchange rate under Company - Manage Currency. The exchange rate is the USD amount pushed to My Wallet BTCUSD divided by the actual number of Bitcoins delivered to your wallet, as viewed directly on your BitPay BTC account ledger page.

Then, manually enter a TRANSFER every day to clear out the deposit from the My Wallet BTCUSD and transfer into My Wallet mBTC. Your Wallet should now show the latest deposit in the correct number of mBTC, and on your balance sheet the entire wallet balance will be marked to the current market price.

On July 1, Nesenoff & Miltenberg LLP took the step to provide the option for payment in Bitcoin. The Bitcoin currency is not a new concept to this Manhattan based full-service commercial law firm as Nesenoff & Miltenberg LLP, otherwise known as “N&M”, provides legal services for Bitcoin related businesses. N&M finally made the significant step of providing clients an opportunity to pay for services with Bitcoin through BitPay Inc, the lead Bitcoin payment processing company.

Marco A. Santori, Senior N&M Associate, stated: “Manhattan law firm Nesenoff & Miltenberg, LLP, is committed to providing legal counsel to businesses in the growing virtual currency space. As one of the few firms with hands on experience counseling Bitcoin clients in this evolving area, the firm will be accepting payment in Bitcoin, providing those qualified clients with the flexibility and confidence to meet their business needs.”

Bitcoin Magazine had an opportunity to speak with Marco and find out more about his involvement in the Bitcoin community. Over two years ago Marco formed a currency trading fund for a few entrepreneurs. On the side, the clients used to joke and state regarding the currency trading fund, “what they are really doing is trading Bitcoins.” Well, soon Marco found that his ratio of non-Bitcoin related businesses to Bitcoin related businesses was diminishing. Today almost all of his time is spent counseling Bitcoin related businesses. Marco represents clients in NYC and from clients all over the world: BTC Global, companies in Canada, a company in TX, companies in NYC. What used to be a comical afterthought is now a reality for Marco.

Marco has now assumed the role of a “Bitcoin lawyer”. How did he get to a position to assume such a role? Marco took the time on his own volition to learn more about the Bitcoin currency and research on Bitcoin forums and also personally get involved in Bitcoin through serving as Chairman of the Bitcoin Foundation’s Regulator Affairs Committee. After having digital currency clients continue to ask if they could pay in Bitcoin, N&M finally chose to accept Bitcoin as a payment for legal services. BitPay Inc made accepting the Bitcoin currency possible for N&M.

Bitcoin Magazine had the opportunity to interview Marco to learn more of how this process unfolded:

Bitcoin Magazine : When did you first hear about and get involved in the Bitcoin currency?

Marco A. Santori: Nesenoff & Miltenberg, LLP has an established practice counseling clients in the finance and high-technology industries. In early 2011, the firm formed a foreign currency trading fund for a group of very savvy clients. The fund traded mostly Euros and US Dollars, but even back then, they would discuss how the real money would be made in trading Bitcoins. It turns out they were right.

BM: How did you first get involved in the Bitcoin currency? What makes your legal services stand out in comparison to other lawyers assisting individuals in the Bitcoin community?

MS: I have always been a technology enthusiast. I think it has mapped well onto my practice counseling businesses in the tech sector. I don’t actually remember when I purchased my first Bitcoin, but I’ve since fallen pretty deeply into the crypto-currency rabbit hole. I’m fairly certain I’ve read every bit of press coverage on digital currency published since then. I attend regular Bitcoin NYC Meetup groups dedicated specifically to Bitcoin entrepreneurship. I’ve engaged in in-depth statutory analysis, regulatory projections, and simple speculation on web forums. The firm’s clients get the benefit of that knowledge without having to pay someone to reinvent the wheel. I think that clients appreciate it when they don’t have to spend their first chunk of billable time explaining to their lawyer what the block chain is, and why an M-of-N transaction might be the solution to their regulatory concerns. That’s the kind of information the lawyer ought to be providing to the client, not the other way around.

BM: When did you first get the idea to work with clients involved in Bitcoin?

MS: As it goes with most things in the practice of law, I didn’t choose Bitcoin; Bitcoin chose me. Companies first began reaching out to me with their digital currency issues in response to my work with businesses in the tech sector. As that progressed, I was named Chairman of the Bitcoin Foundation’s Regulatory Affairs Committee. Word of mouth is a powerful thing, and I think clients prefer to use attorneys with an intimate knowledge of their industry.

BM: How did you make the decision to accept payment from clients in Bitcoin?

MS: The firm strives to serve its clients. That means flexibility with time – picking up the phone at midnight – and flexibility with money – accepting alternative currencies. It should come as no surprise that clients whose business is dealing in digital currency might prefer to pay their legal fees in digital currency. Paying in Bitcoin presents qualified clients with the flexibility and confidence to meet their cash flow and tax planning goals.

BM: Were there any preexisting law firms and/or businesses that inspired you to get involved in the Bitcoin currency?

MS: The inspiration to get involved with Bitcoin came, as many things in this industry come, from our clients. Bitcoin adoption is the fundamental driving force of their business models. Combine this with the fact that many clients in the space already possess substantial Bitcoin holdings, and it just makes good business sense for them to pay in Bitcoin.

BM: Where do you see your Law Firm’s involvement with Bitcoin going in a year?

MS: Digital currency law is the copyright law of the 2010s. As most lawyers recall, the revolution in computer applications and mp3 encoding resulted in an unprecedented explosion in the volume and quality of copyright law in the late 1990s and 2000s. Likewise, I anticipate substantial growth in the volume and quality of digital currency law in the coming years. Nesenoff & Miltenberg is committed to positioning itself as the law firm of choice for guidance in the digital currency space.

BM: What are your suggestions for individuals hoping to get involved with Bitcoin?

MS: As to early-stage businesses: Talk to a lawyer early on, and then run the numbers. Then run them again. Then run them again, and only then sink money and time into developing your product. That is the correct order of operation for the digital currency business. I spend hours a day speaking to entrepreneurs who have already developed a spectacularly functional and well-polished product, only to realize the cost of IP licensing and regulatory compliance means reworking key features of their business model. As to individuals: support Bitcoin businesses!

BM: If I am an individual involved in the Bitcoin community and need legal assistance, how can I get in touch with your law firm?

MS: You can visit our website at www.nmllplaw.com, and you can email me at msantori@nmllplaw.com for more information.

Bitcoin Magazine applauds N&M’s work in the Bitcoin community and additionally this next step to accept payment for legal services with the Bitcoin currency. N&M partners have blazed the trail for legal professionals and businesses to follow and learn more about the Bitcoin currency and other alternative currencies on the rise and path to prominence.

BitPay, Inc announced it’s newest merchant, Gyft. Gyft, a mobile gift card platform, added support for Bitcoin purchases of gift cards on the Android platform, through its partnership with BitPay, Inc, the world’s leading payment processor for Bitcoin. Gyft offers a mobile gift card app to allow customers to buy, store, send, and redeem gift cards on their phones. In addition to a free phone app, customers can share gift cards via Facebook.

Gyft works with 50,000 physical retail locations across the USA including GAP, Lowes, Sephora, Gamestop, American Eagle, Sports Authority, Nike, Marriott, Burger King, Fandango, Brookstone, and many more. Gyft fits right into the Bitcoin community of ingenuity and convenience as the Gyft phone app eliminates a need for plastic gift cards. Gyft’s platform allows for individuals to use the gift cards in online and in person transactions as the app contains front and back copies of a gift card with a bar code to be scanned at the time of purchase.

Gyft provides new opportunities, not only for consumers but also companies selling gift cards. The use of Bitcoin opens the door for Gyft to expand its user base and also contribute to the Bitcoin community by increasing the utility of Bitcoin.

“The partnership with Gyft and BitPay blows the doors open to major retail for Bitcoin users,” said Tony Gallippi, co-founder and CEO of BitPay. “Any shopper in a participating retail store, with Bitcoins on their Android device, can easily convert Bitcoins into a store gift card and pay for their purchase. The whole process takes less than one minute and can be done on a single mobile device.”

“Gyft is proud to be a pioneer in the Bitcoin universe and we are excited about the possibilities for further innovation on our platform,” said Vinny Lingham, Gyft co-founder and CEO. “By using our existing network of retailers, we are able to offer Bitcoin consumers the ability to instantly spend their Bitcoins at hundreds of merchants.”

Gyft made a wise choice in not only getting involved with the Bitcoin currency but also partnering with BitPay. BitPay currently processes $5M per month in Bitcoin transactions for merchants and is taking on new merchants daily to expand the utility of Bitcoin. BitPay now has over 6,000 merchants and Gyft is a stellar addition to the team! Gyft’s partnership with BitPay and acceptance of Bitcoin for giftcard payments is yet another step in the right direction for the Bitcoin currency.

Capital Coin and Bullion of Austin, Texas, is now accepting Bitcoin via BitPay. They feature a great selection of high quality coins, precious metals, discounted premiums, appraisal and consignment services, Berkey water filtration products, Youngevity nutritional supplements, Patriot Safes, ammunition and IRA funding services. Capital Coin and Bullion's mission is to be the preferred shopping destination by delivering excellent customer service and outstanding value at an affordable price.

Austin Bitcoin has become a certified integration partner with BitPay.com, the largest Bitcoin payment processor. This partnership will help local Texas merchants start accepting Bitcoin as payment for goods and services. The best part about BitPay's service is that merchants do not have to carry Bitcoin on their ledgers. Since the business does not hold actual Bitcoins, this makes it much easier for accountants to maintain their books without needing to create a new entry for Bitcoin. This also takes away the risk involved in accepting a fluctuating cryptocurrency.

Austin Bitcoin is excited to help businesses start accepting this emerging technology. Please feel free to contact us with any questions you may have about Bitcoin payment integration.